simPRO Secures US$31 Million in Funding to Drive Growth

October 11, 2016 08:00 AM Eastern Daylight Time

BRISBANE, Australia--(BUSINESS WIRE)--Australian cloud technology group simPRO
Software has secured US$31 million in growth capital as part of an
aggressive product innovation and expansion strategy that has seen the
company launch a major global expansion.

The funding was secured from New York-based growth equity firm Level
Equity. simPRO has been self-funded since it was established in
Brisbane, Australia in 2002 and is currently owned by private
shareholders, including current staff.

simPRO Software provides leading-edge job management software for the
trade service industry. The cloud-based system helps businesses work
smarter, provide exceptional service, and maximize their profitability.
The software is designed for operators in the electrical, plumbing, HVAC
and security industries.

At the end of June 2016 simPRO had more than 2,500 clients and 80,000
users around the world, with clients ranging from small contracting
operations through to large corporate enterprises.

simPRO Software CEO Brad Couper said the investment by Level Equity
would provide the capital to support a range of initiatives including
product enhancements, growing customer support, and marketing.

“We have set ambitious goals for our business over the next few years
and believed a sophisticated investment partner with deep expertise in
vertical market software could meaningfully enhance the velocity with
which we achieve those goals,” Mr Couper said.

“We have been flattered with a significant amount of interest in our
business from investors around the globe and spent time with a range of
partners both in Australia and the US before deciding on Level Equity.

Level Equity Founder Ben Levin said, “We speak with thousands of
vertically specific SaaS businesses each year and have been impressed
with what Brad and the team at simPRO have built with no external
capital.

“We engaged with the business over a long period of time and have a
shared vision for continuing to build world class business software that
serves contractors and other tradesmen, allowing them to be more
successful as they grow their businesses.”

Mr Couper recently relocated, along with a number of other corporate
staff, from Australia to simPRO’s new offices in Boulder, Colorado. The
company will launch in up to four states throughout the US over the next
12 months.